Analyze an operations management issue in a hypothetical company and provide answers to five algebraic equations.
Operations management is the core of any business. Understanding the basics of operations management and the associated best practices allows you to understand the importance of eliminating waste, while improving quality and customer service. Inventory is no longer simply a necessary evil, but a means by which companies have found ways to gain competitive advantage.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Assess the role of operations management within organizations.
Analyze a production decision using an aggregate production rate approach.
Analyze a labor related production decision.
Competency 2: Apply the tools and technology used in Operations Management.
Analyze an inventory decision using an economic order quantity approach.
Analyze an inventory decision using a reorder point approach.
Describe key forecasting methods.